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NRW Inflation Slows

GERMAN DATA

The German State of North Rhine Westphalia sees headline Y/Y inflation ease to +7.5% in Y/Y terms in June (prev. +8.1%), while the M/M reading printed at -0.1% (prev. +0.9%). Stripping out heating oil and fuels, there was a +5.8% rise in Y/Y terms vs. the 6.3% seen in May.

  • NRW is the most populous area in Germany, therefore it carries the largest weighting in the German CPI reading (21.7%).
  • A quick look at the details suggests that services, non-durables, clothing & transport were the major drags on the June reading, while the biggest rises came in alcohol & tobacco, hotels/restaurants and leisure costs (in M/M terms).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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